Extending losses for the sixth session, the BSE benchmark Sensex today lost nearly 19 points in early trade as stock markets of IT, FMCG and consumer durables sectors fell on sustained selling by participants ahead of Wholesale Price Index (WPI) data.

The 30-share index, which has lost almost 258 points in the previous five sessions, fell further by 18.41 points, or 0.09 per cent, to 19,210.85. Similarly, the wide-based National Stock Exchange Nifty declined by 8.05 points, or 0.13 per cent, to 5,843.45.

Brokers said increased selling by funds ahead of WPI data to be announced later today and overnight losses at the US market on fiscal cliff concerns, mainly dampened the trading sentiment here.

Meanwhile, in Asia, Hong Kong’s Hang Seng index up by 0.10 per cent, while Japan’s Nikkei down 0.33 per cent in opening trade. The US Dow Jones Industrial Average ended 0.56 per cent lower in yesterday’s trade.

Stocks to watch-Dec 14

Nifty futures on the Singapore Exchange rose 0.2 percent higher. The MSCI-Asia Pacific index excluding Japan was 0.56 percent down.

The S&P 500 ended its six-day winning streak on Thursday, retreating as worries intensified that Washington’s “fiscal cliff” negotiations were dragging on with little progress.

Asian shares snapped a week-long winning streak on Friday, tracking global equities lower, on concerns that U.S. lawmakers are still too far apart to avert a fiscal crisis with an end-of-year deadline looming.
FACTORS TO WATCH

India finance ministry conference on reviving economic growth. India November WPI inflation. (0630GMT), Bharti Infratel IPO closes.

Indian inflation probably picked up in November as a weak currency pushed up the price of imported fuel, adding to the challenges facing a central bank torn between fighting rising prices and an economic slowdown, a Reuters poll showed.

India’s cabinet approved the creation of a special panel on Thursday with watered- down powers to speed up the notoriously slow implementation of big-ticket infrastructure projects.

India approved a new policy to encourage investment in urea manufacturing, a senior minister told reporters on Thursday, a move likely to expedite $6.5 billion in projects that have been held back and to reduce the country’s reliance on imports.

The Indian cabinet approved a 30 percent cut in the reserve price of mobile phone airwaves in four telecommunication zones, a minister said on Thursday, after carriers shunned last month’s auction in those zones saying the prices were too high.

ENERGY/COMMODITIES

Ambuja Cements Ltd board approved the payment of Technology and Know-how Fees to Holcim Ltd., Switzerland, at the rate of 1 percent of the net annual sales of the company, to be effective from January 01, 2013.

India, the world’s biggest sugar consumer, is expected to decide on raising the import duty on the sweetener in a fortnight, Food Minister K.V. Thomas said on Thursday, as lower prices in the world market made room for such imports in the past two months.